Posted by: John | March 4, 2009

Myners/Goodwin – the plot thickens!

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Revealed: Sir Fred Goodwin was still advising the Treasury until five weeks ago

You could not make it up. Disgraced banker Sir Fred Goodwin was a member of a committee that officially advises the Treasury as recently as five weeks ago.

A senior Labour member of the Commons’ Treasury select committee is now saying that it was “regrettable that he was allowed to serve on that council for so long”.

Sir Fred, the former chief executive of Royal Bank of Scotland, was originally appointed to the Treasury’s High Level Group of advisers just over two years ago.

The group included more than a dozen bankers and other City grandees. Part of its remit was to examine “proposals to reduce administrative burdens of regulation”.

Astonishingly Sir Fred was only asked to stand down on January 28, three months after quitting the Royal Bank of Scotland on an annual pension of £693,000 a year.

William Green at the Newcastle Journal reports how Alistair Darling, the Chancellor of the Exchequer, wrote to Sir Fred thanking for his “personal contribution to the committee over the past two years”.

He has now been replaced by his successor at RBS Stephen Hester.

Labour MPs are not impressed. Jim Cousins, MP for Newcastle Central, says: “It is clear that Fred Goodwin should have been off that council even before he left RBS.

“It’s plain that the mess that RBS was getting into meant that he shouldn’t have been advising the Government in that way.

“And it was extremely regrettable that he was allowed to serve on that council for so long.


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